The No. 1 financial regret among women is that they haven’t invested more, according to a new report from Bank of America Merrill Lynch

That’s just one of the findings in the report, called “Women & Financial Wellness: Beyond the Bottom Line,” which surveyed 2,638 women across all income and asset levels.

“Today, women’s lifelong financial wellness is at a tipping point,” says the report. “Thanks to a seismic shift toward women’s growing personal and financial power, they are poised to move into true financial independence. … Yet there is still a trail left to blaze. Women are living longer than ever before, and funding that longevity has truly become a women’s issue.”

The report was written by Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America Merrill Lynch, and Maddy Dychtwald, co-founder of Age Wave.

The number one regret among women (named by 41% of those in the study) is that they aren’t investing more, which means they aren’t taking full advantage of “investments that provide the opportunity for [them] to grow their wealth in ways that income alone does not,” the study found.

Fifty-nine percent of the respondents said they weren’t doing a good job using investing as a way to pursue their financial goals. A full 60% said that a lack of investing knowledge was their primary barrier, while 34% of them said they didn’t have the confidence to invest.

Among those women who do invest, however, 77% said they felt they would be able to save enough money to last them the rest of their lives.

This presents a financial opportunity for the advisor industry to ramp up outreach and service offerings.

Despite the talk about improving financial education for the next generation, younger women are still coming up short, the report suggests. “Only 46% of millennial women are confident in investing compared to older generations. Confidence in investing is not just about experience but also exposure.”

While not investing enough is women’s top financial regret, it is not their only regret. Women also report that they wish they had chosen a career with higher pay, not taken on as much credit card debt and lived within or below their means.

Nearly a third of women in the survey (31%) said they regretted not living below or within their means. “This is true for women of all races and ethnicities,” the study found.

Some 48% of Asian women, 41% of African-American women, 40% of Caucasian women and 40% of Latinas reported that their biggest financial regret was not investing more of their money. The second largest financial regret for African-American and Asian women was not choosing a career with higher pay, and the second largest regret for Caucasian and Latina women was that they had taken on too much credit card debt.

A major contributing factor to the wealth gap is the gender pay gap, the study reports. “For every $1 a man makes, a woman in a similar position earns 82 cents,” the study said. “Women of color face even greater disparities—African-American and Latina women earn 70 cents and 64 cents on the dollar, respectively.

“But that’s only part of the story: The pay gap only considers what women are now earning compared to men. It fails to demonstrate how the pay gap accumulates and compounds over the course of a woman’s life.”

For example, the pay gap does not consider workforce participation. An average woman spends 44% of her adult life out of the workforce while men spend only 28% of the time outside of it.

“Work disruptions and interruptions—often triggered by the need to care for children, parents and spouses—affect a woman’s potential earnings over her lifetime,” the study said. “These gaps become relatively impossible to make up and reach parity with men, who do not take time away from the workforce to provide care.”

When a woman reaches retirement age, she may have earned a cumulative $1,055,000 less than a man who has stayed continuously in the workforce.

In addition, because Social Security is calculated on a woman’s 35 highest earning years and women are twice as likely as men to have at least one zero-earning year count toward their Social Security, women on average receive $4,000 less annually than men in Social Security benefits.

What can change this dynamic? The authors say women need more wealth escalators, which they call “on-ramps for people to build wealth beyond their income.” Such escalators would include higher-paying career choices, fringe benefits like stock options, government benefits and favorable tax codes, all of which have proved to be more easily accessible by men than women.

It’s also critical to break the taboos about the subject of money, discuss and educate people about wealth escalators, encourage women to seek professional financial advice and plan early and often for longer lives.

“In order to maintain this upward trajectory and continue improving women’s financial lives, challenges must be unearthed, understood and addressed, and we can all play a role,” the authors said.